We have sent an email with your new password.


Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  Mr. Yogesh was the holder of 700 shares of Rs.100 each in KFC Ltd upon which 50 per share had been called up but he had paid only Rs.25 per share thereon. The company forfeited his shares & afterwards sold them to Kamlesh, credited as Rs.50 per share paid for Rs.25,000. The amount to be transfer to capital reserve is                                  
A.
B.
C.
D.
2.  Bittu Ltd. issued 10,000 shares of Rs.10 each to public. Applications were received for 12,000 shares by paying Rs.2 per share. Shares were allotted on pro-rata basis to the public and excess money was kept to be used in allotment and further calls. Kittu failed to piay the money of Rs.3 per share and her 1,000 shares were forfeited after due notice. Nb further calls were made to her. Her call in arrears was  
A.
B.
C.
D.
3.  As per the Companies Act, "Interest accrued and due on debentures" should be shown  
A.
B.
C.
D.
4.  Premium on issue of shares is recorded in___________.  
A.
B.
C.
D.
5.  Omega Ltd. Issued 5000 shares of Rs.20 each. The called up value per share was Rs.16. The company forfeited 400 shares of Mr. Ajay for non­payment of 1st Call money of Rs.4 per share. He paid Rs.12 for application and allotment money. On forfeiture, the share capital A/c will be        
A.
B.
C.
D.
6.  A Ltd. Company forfeited 1000 equity shares of Rs.10 each, issued at a discount of 10%, for non-payment of first call of Rs.2 and second call of Rs.3 per share. For recording this forfeiture, calls in arrear account will be credited by:  
A.
B.
C.
D.
7.  Light Ltd. has 10,000 5% preference shares of Rs. 10 each to be redeemed after 5 years. The company forfeited 500 preference shares on which final call of Rs 2 has not been received, after due.notice and cancelled these shares on account of redemption. Remaining shares were redeemed out of reserves of the company. The amount to be credited to capital redemption reserve will be  
A.
B.
C.
D.
8.  Gopal was holding 100 shares of Rs. 10 each of a company on which he 47 had paid Rs. 3 an application and Rs. 2 on allotment but could not pay Rs. 2 oh first call. Directors forfeited the above share. Share capital will be debited by:  
A.
B.
C.
D.
9.  Deepak Ltd. Forfeited 40 shares of 100 each (Rs. 60 called up) issued at par to Mukesh on which he had paid Rs. 20 per share. Out of these 30 shares were reissued to survey as Rs. 60 paid up for Rs. 45 per share. Amount transferred to capital reserve will be  
A.
B.
C.
D.
10.  If on a share of Rs.50. Only is Rs.40 has been called and the company has received Rs.30 till date. The capital account should be credited with  
A.
B.
C.
D.
11.  V.K. Ltd. Forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Mohan on which he had paid Rs. 20 per share. Out of these 15 shares were reissued to Sohan as Rs. 60 paid up for Rs. 45 per share. Amount  transferred to capital reserve will be  
A.
B.
C.
D.
12.  Mr. Bajaj who was the holder of 200 Equity shares of Rs.100 each of Canny Ltd., on which only Rs.75 per share has been called up, couldn't pay his dues on allotment and first class each at Rs.25 per share. The director forfeited the above shares & reissued 150 of such shares to Mr. Birla at Rs.65 per share paid up as Rs.75 per share. The amount to be transferred to capital reserve account will be  
A.
B.
C.
D.
13.  Rama Ltd. Forfeited 800 shares of Anil of Rs. 10 each fully called up for non­payment of final call of Rs.2 per share and reissued to Ankit as fully paid up for Rs.10 per share. Amount transferred to capital reserve will be  
A.
B.
C.
D.
14.  Share capital 50,000 shares of Rs.15 each Rs.10 called up - Rs.5,00,000 Calls in arrears - Rs.20,000 Calls in advance - Rs.30,000 Board of directors decide to provide 15% for dividend on share capital. Amount of proposed dividend will be  
A.
B.
C.
D.
15.  (i) 1,00,000 Equity shares of 10 each fully called up. (ii)  Calls in arrears Rs. 10,000 (iii)  Calls in advance Rs. 5,000 (iv)   Proposed dividend 15% Dividend payable will be  
A.
B.
C.
D.
16.  Tata Communication invited applications for 50000 equity shares of Rs.10 each and received 65000 applications along with application money of Rs.5 per share. Which of the following is correct  
A.
B.
C.
D.
17.  There are 60,000 preference share of Rs.10 each fully called up. But there are call in arrears of Rs.4,000 @ Rs.2 per share. Company can redeem at present  
A.
B.
C.
D.
18.  The following information pertains to Quick Ltd.                                                                                       Rs. (i)   Equity share capital called up                       10,00,000 (ii)   Calls in arrear                                                      40,000 (iii)   Calls in advance                                                 25,000 (iv)   Proposed dividend                                                5% The amount of dividend payable is  
A.
B.
C.
D.
19.  Anwar Ltd. Purchased building worth Rs. 99,00,000 and issued 12% debentures of 100 each at a premium of 10%. Premium amount will be  
A.
B.
C.
D.
20.  General Reserve Account Dividend Equalization Fund Account Debenture Sinking Fund Account Workmen Compensation Reserve Account Above accounts are:  
A.
B.
C.
D.
Back to top

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz